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THIS ARTICLE EXAMINES THE RELATIONSHIP BETWEEN THE PHENOMENON KNOWN AS 'GLOBALIZATION', ON THE ONE HAND, AND THE REGIONAL INTEGRATION PROCESS UNDERTAKEN BY EUROPEAN UNION (EU) MEMBER STATES, ON THE OTHER. BEARING IN MIND THAT THE EU SINGLE MARKET PROGRAMME WAS A MORE DELIBERATE AND RADICAL ACT OF INTEGRATION THAN THE MORE HAPHAZARD GLOBALIZATION PROCESS, THE ARTICLE ARGUES THAT THE RELATIONSHIP BETWEEN THE TWO IS A COMPLEX MIX OF CONVERGENCE AND CONFLICT. THE ARGUMENT IS APPLIED TO THE FINANCIAL SERVICES SECTOR, AND IN PARTICULAR THE SECURITIES INDUSTRY.

The implementation of the Single European Act and the conclusion of the Maastricht Treaty have greatly accelerated the process of European integration. This has been accompanied by parallel regional integration processes in North America and East Asia, alongside important international cooperation measures involving integration at the global level, as at the Uruguay Round GATT negotiations. Investigates the relationship between these evident steps towards economic integration at a regional level and the development of global markets in many sectors.

AbstractSeveral approximate procedures are available in the literature for obtaining confidence intervals for the parameter A of an exponential distribution based on time truncated samples. This paper contains the results of an empirical study comparing three of these procedures.